URGENT UPDATE: The USDCAD currency pair has established a crucial support level at 1.4000 this week, signaling strong buyer interest. Recent trading activity indicates that buyers have consistently entered the market around this level, with prices reaching as high as 1.4007 on Monday, Tuesday, and today.
This development is critical for traders as it allows them to define their market bias. With the current price holding above 1.4000, buyers are in control. However, if the price dips below this level, the bias will shift, posing a risk for long positions. Traders must remain vigilant and monitor potential targets while keeping 1.4000 in mind as a key risk threshold.
Currently, the price is hovering just above the 50% retracement level at 1.40135. This gives buyers added confidence as they aim to sustain momentum. The immediate target for traders lies near the high from yesterday, which aligns with a broken 38.2% retracement of the upward movement that began from the end of October’s low.
As the market evolves, the falling 100-hour moving average is also approaching the 1.40433 level, marking a significant target for buyers. If they can maintain their positions above 1.4000, the outlook remains positive for a continued upward trajectory.
Traders are encouraged to keep a close eye on this developing situation, as market dynamics can shift rapidly. The ongoing strength at 1.4000 could set the stage for further movement in the USDCAD pair, making this a pivotal moment for currency traders.
Stay tuned for real-time updates on this evolving market scenario as we monitor the USDCAD closely.
